Accounting Alerts

Enhancements to the Bangko Sentral ng Pilipinas Operational Relief Measures

This Accounting Alert is issued to circulate Bangko Sentral ng Pilipinas  (BSP) Memorandum No. 2021-29 dated April 30, 2021 for the enhancements to the BSP operational relief measures.

Deferment in the Submission of the 2020 Annual Audited Financial Statements (AFS) for BSP-Supervised Financial Institutions (BSFIs)

The annual submission of the 2020 AFS of BSFIs is extended until June 30, 2021, or 60 calendar days from the original deadline as prescribed under BSP Circular No. 1074 and 1075 on financial audit for banks and non-bank financial institutions both dated February 7, 2020.

All covered BSFIs shall be guided by the provisions of Memorandum Nos. 2020-055 dated July 11, 2020, and 2020-060 dated August 3, 2020 on the electronic submission of AFS for banks and non-bank financial institutions, respectively.

Other Enhancements to the BSP Operational Relief

In addition to the Deferment in the submission of 2020 AFS, the Monetary Board also approved the following enhancements to BSP operational relief measures, in light of the ongoing Corona Virus Disease (COVID-19) situation:

  1. Relaxation of the notification requirements on changes in banking days and hours as well as temporary closure of Bank branches/branch-lite units and BSFI offices/service units
  2. Relief measure on customer identification
  3. Waiver of fees related to the grant of license or authority to provide types A and B advanced electronic payments and financial services
  4. Waiver of BSP approval on requests for extension of deadline to open approved Bank branches or branch-lite units

 

See attached BSP Memorandum No. 2021-29 for further details.